Category Archives: Gambling

State regulators are alleging five violations of gambling laws during the first three months of sports betting in Deadwood.

The allegations involve a total of 12 casinos, betting operators and workers.

The new gambling option began Sept. 9 and is limited to the city of Deadwood. The accusations are made by the Commission on Gaming, which meets Wednesday.

Most of the allegations relate to accepting sports bets of more than $1,000 the state limit. The commission can punish the violations by revoking or suspending gaming licenses. It can also impose fines up to $100,000 per violation.

Some of the casinos, operators and workers have come to agreements with the commission that say they admit or don't deny the conduct alleged in the complaint.

Allegations

Internet Sports International is accused of accepting a $1,550 bet Sept. 18 at the Gold Dust casino on the Tampa Bay Buccaneers vs. Atlanta Falcons game.

Cadillac Jack's and its operator BetMGM are accused of accepting a $3,000 bet for the same game on the same day.

Cadillac Jack's and BetMGM are also accused of accepting a $1,300 bet Sept. 20 on the Detroit Lions vs. Green Bay Packers game.

BetMGM has a third accusation for accepting a $1,500 bet Sept. 19 at Tin Lizzie on the Philadelphia Eagles vs. Miami Dolphins game.

Deadwood Mountain Grand and operator IGT are accused of a different kind of violation. They allegedly allowed seven futures bets for the World Series on Oct. 26, even though futures aren't allowed under state law.

Resolved cases

Tin Lizzie was accused of failing to notify the commission when it learned on Sept. 19 that its sports betting system was capable of accepting bets over $1,000. The casino has agreed to pay a $1,000 fine. It will be fined $1,500 more if it has another violation in the next 12 months.

A casino worker has agreed to a $350 fine after being accused of failing to notify the commission after issuing a $1,500 wager on Sept. 19. The wager was on the Eagles v. Dolphins game.

Two workers have admitted to issuing the $3,000 bet Oct. 18 on the Buccaneers v. Falcons game. One will be fined $350 and the other will be fined $150.

Another worker will pay a $150 fine after admitting to issuing the $1,300 wager Sept. 20 on the Lions v. Packers game.

Two workers will be fined $150 each after admitting to accepting the futures bets on Oct. 26.

Excerpt from:

Gambling-law violations alleged during first three months of Deadwood sports betting - SDPB Radio

Illinois is making headway on rivaling Las Vegas for opportunities to gamble.

According to the latest figures from the Illinois Gaming Board, from January through October, Illinois has raked in more than $1 billion in gambling revenue from video gaming, sports wagering and casinos.

Still, its a figure less than officials had bet on two-a-half years ago, in June 2019, when a major gambling expansion law authorized six new casinos to be built.

Of the six, only one is so far operational: the Hard Rock Casino Rockford opened a temporary location in early November.

State gaming regulators moved forward Wednesday with projects that will put casinos in the suburbs, selecting a winning bid for the casino slated for Waukegan. The 2019 law also allotted a casino to the south suburbs. On Wednesday, members of the gaming board chose a proposal that will build that casino in Homewood and East Hazel Crest, rather than a competing bid which would have put it in Matteson.

Members of the gaming board didnt reveal during the meeting how they determined which bidders won winning hands.

The only discussion amid formal action was when chair Charles Schmadeke thanked the applicants for their hard work.

It certainly shows the quality of the work and its made our job not easy, but it certainly has informed our work, he said.

For Waukegan, the board chose the proposal submitted by the publicly traded company Full House Resorts, Inc., operating as American Place, over a proposal from North Point Casino led by former state Sen. Michael Bond.

In an October presentation, Full House CEO Daniel Lee promised to bring Vegas pizzazz to Waukegan. He said plans call for a helipad for use by high-end gamers, though he said the goal as in Vegas is to make Waukegan a destination for non-gamblers as well, with features like a water fountain show in the lobby.

It becomes an attraction you want to come and see, and its a non-gaming attraction that when people come into town, you will bring them here, he said.

Heading into Wednesdays meeting, a field of four serious bidders had already been winnowed to two finalists for the casino that the 2019 law allocated to the general south suburban region.

The winner: Wind Creek Illinois LLC, which plans to build a casino at the I-80, 294 and Halsted intersection, a site that covers parts of Homewood and East Hazel Crest, and is less than ten minutes from the Indiana border.

Being this close to Indiana and being the only Four Diamond resort in the area, we will attract those user dollars to Illinois instead of the opposite thats been happening the last couple decades, Wind Creek COO Brent Pinkston said during the groups October presentation to the state gaming board.

The location, he says, is designed to maximize revenue, and is pitched as a full-on resort, with a spa, concert venue and restaurants including a sky lounge that Pinkston said architects have designed to have Chicago skyline views.

Developers of these casinos cant cash in their chips yet; the bidders and their plans have to go through additional background and approval.

Preliminary suitability is just that. Its preliminary and is no guarantee of final licensure, gaming board director Marcus Fruchter said. While its a very significant step that allows the applicant to seek approval to begin construction and take other steps toward commencement of gaming operations and ultimate licensure, preliminary a mere formality.

Further, Waukegan is facing a federal court challenge brought by the Forest County Potawatomi Tribe alleging city officials rigged the bidding process to favor North Point. The gaming board is not a party to that case.

The Potawatomi had in a separate lawsuit attempted to block the gaming board from issuing a Waukegan casino license. A Cook County circuit court judge on Tuesday denied the tribes request for a temporary restraining order, freeing regulators to proceed.

Development of a casino in southern Illinois is likewise proceeding.

The governor was among the officials who attended a groundbreaking Wednesday for the Walkers Bluff casino, some five hours south of Chicago.

I was very proud to work with the General Assembly to expand jobs and economic opportunity to southern Illinois, Gov. J.B. Pritzker said. Walkers Bluff was already a popular attraction bringing in tourists and business meetings from across the region. Now with the addition of hundreds of slot machines, and game tables and an on-site hotel, this expansion will bring in even more visitors to take advantage of the beauty and the hospitality of southern Illinois.

Backers of the gambling expansion say that while Illinois has been slow to give casinos a footprint outside the 10 longtime casino sites, the state has been losing tourism and revenue to neighboring states.

It really just aggravated me that the Illinois teachers union would go to St. Louis for their annual meeting, or anybody else would go to another state because they had enough room that was the big thing the other thing was that they had gaming, said Walkers Bluff LLC founding partner Cynde Bunch.

Opponents say bold predictions of the revenue Illinois will generate through gambling to pay for infrastructure upgrades dont take into account hidden costs, like gambling addiction.

The city of Chicago has received five bids from potential casino operators. A public hearing on them is scheduled for Dec. 16.

The fate of the sixth casino authorized in 2019 remains elusive.

Backers of a casino in the east central community of Danville, just across the border from Indiana, are waiting for gaming board approval.

Follow Amanda Vinicky on Twitter:@AmandaVinicky

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Illinois Gambling Revenue Tops $1 Billion | Chicago News | WTTW - WTTW News

Rolling the Dice: A look at the impact of casinos on communities, and the politics of the decision-making process.

AsPetersburgconsidersbringing in a casino, The Progress-Index is reporting on thefactors which could contribute to the overallimpact onthe community.

On Feb. 5, 2001, Billy Hoffman came home feelinghopeless. He had just gambled away his last dimeand hit rock bottom. At 30 years of age, his gambling addiction hadtaken everything from him,bankrupting himtwice andtearing aparthis first and second marriage.It even threatened to take his very life from him countless times.He had gotten together with a third woman, but his patterns of lying and deception continued.His life wasspiraling out of control.

"For whatever reason, I got superscaredand it came to me that, 'Billy you know, it doesn't matter who the woman is, it doesn't matter what's going on. This is the rest of your life. You are always going to besneakyand you are always going to do these things.'

It shook me up enough to call the hotline.

That night was the last time he placed a bet.

About6 to 8 million peoplein the U.S. experience an issue with gambling.Thoughmanycan gamble and not get hooked, those who havedealt withtrauma, loss, substance abuse, financial and familial instability, or mental health issues put them at a higher risk to developing anaddiction.

Gambling addiction is mostly connected to other factors, saidDr. Lyndon Aguiar, a licensed clinical psychologist and an international certified gambling counselor at Williamsville Wellness in Hanover, VA.

There can be certain traumas that they've had when they were younger. Or they could have had another type of addiction before that. Individuals are struggling often with anxiety,depression, very high levels of stress and isolation, loneliness, financial stress.And then they add exposure to gambling, so then they're gambling. And then it gets to that point where they'retrying to self-medicate with gambling.

Studies have shown that an increased availability of gambling also leads to an uptick inaddiction.People living within a 10-mile radius of a casino are90 percent more likely to develop a gambling addiction and have twice the rate of problem gambling. The likelihood of addiction is also significantly higher forthose who livein disadvantaged neighborhoods,according to astudydone by the Research Institute on Addictions and State University College at Buffalo, New York. Another survey found that out of the six most gambling-addicted states, three of them had thehighest number of casinosper capita in the nation.

Once you have that opportunity to gamble, you develop problems.Just like at a bar, once you have alcohol around, people are going to develop problems with that, said Dr. Carolyn Hawley, president of the Virginia Council on Problem Gambling.

Casinos will have the mostnegative impact on those who already have or are at risk of developing a gambling addiction.

Hoffmanwas only 8 years old when his grandmastarted takinghim totheRuritan clubin Suffolk, Virginiawhere they played Bingo.One time, he won $25 by scoring a Y shapeon the Bingo card. The young Billywas ecstatic.

"I can still remember, he said.

Gambling was away for his family to have fun and pass time. His father and mother also dabbled in gambling.Ashegot older, he wouldgo to restaurants that had video poker and slot machines in the backrooms and play by himself.

By the timeHoffman was 18 years old, he knew he had become addicted to gambling. But he refused to stop. Gambling had become a panacea for him, a way toescape the tension in his home. As the years went on, he threw more money and time into the gambling vortexandgot sucked intoevery kind of gaming: lottery tickets, casinos, and horse betting.

Though gambling mayappearless harmful than drugs and alcohol, it can be more insidious. Its become normalized in society and families as a form of entertainment, but theres less awareness about gambling addictionandless being done to curb it than other addictions like drugs and alcohol, says Dr. Aguiar.

In fact, studies have shown that gambling alters the brain in ways very similar ways as substance abuse. The dopamine released into the brain when someone takes drugs occurs in similar areas when gambling, and the reward pathways become hypersensitive. Gamblers feel that "high" because the body is releasing dopamine and producing endorphins and adrenaline. Just as someone addicted to drugs will increasingly need more,impulsive gamblers also will need to take riskier bets to feel that hit.The craving grows and the ability to control it weakens.

A compulsive gambler is almost always going to play until all the money is gone, said Hoffman. And then when the money is gone, immediately the brain kicks into, how can I get more money in and then as soon as I figure out a way to get more money, I go do that.

Hoffmansaddictionwasall-consuming.Before coming home from work, he would stop bymultipleconvenience storesto buy lottery tickets.He would drive to Charles Town, West Virginia for horse betting.On weekends and days where he didnt have to work, he would take trips to the nearest casinowhich, back in theearly90s, was a 6-hour drive to Atlantic City in New Jersey.It was all he could think about and what he centered every activity and decision of his life around.

I was broke all the time, Hoffman said. But I enjoyed the feeling, that promise of the money.I saw gambling as a great way to escape just about anything.As long as I had money or could get some,I was gambling that day.

Some days, that would be as much as 10 times a day.He would evenbe attheoff-track parlor in Richmondfrom the minuteitopened to the momentitclosed placing betson horse racesfor14 hours straight.The initial euphoria he got when he won his first bets wore off; he needed greater wins and participated in riskier bets.

Like Hoffman, many who develop an addiction use gambling as a means of escape while simultaneously seeing it as a one-ticket solution to miraculously fix their issues. Unfortunately,they rarely will turn in a profit because whatever money they do have will be used to feed their compulsions.

For addicted males, an average of $55,000 to $90,000 getsdrained from their pocketseveryyear;females average $15,000 in losses. Manyhave trouble paying back their surmounting debt. In 2016, Americanslost a total ofnearly$117 billionto gambling, a majority of that which has been eaten up by slot machines.

Hoffmansaddictive behaviors carried into his marriages, making it difficult for him to be truly engaged in any relationship.Lying pervaded every facet of his life, from lying to his wivesabout his whereabouts,what he was doing, what he was spending money on.He kept separate bank accounts so thattheywouldnt know the extentof it.

For years and years and years, I had rarely gone a day without telling a lie of some sort because I was always covering up something trying to get money, Hoffman said.

One night,hegot into a heatedargumentwith his first wife.

I remember I took off and went a few miles down the road to a convenience store,Hoffmanrecalled. And I bought a bunch of lottery tickets. I'm sitting in the back just scratching tickets. And she comes flying through the door and said,Youson of a bitch! I knew you'd be here!

Compulsive gambling affects the entirefamily system.

There's financial consequences, theres emotional consequences,and it creates a downward spiral for the person and their family, says Dr. Aguiar.

Billy Hoffmans road to recovery was filled with struggle, experiencing withdrawal symptoms similar to thoseondrugs. His body was shaking, his head was aching, he couldnt sleep at night, he battledintenseurges to gamble. His anxiety was sky-high.

The main difference between a gambling addiction and substance abuse is that there is a physical limitation with drugs. Theres only so much the body can take before shutting down. There are also very clear physical signs that someone is using drugsor drinking alcohol.Families may not even be aware thatsomeone has a gambling addiction until credit cards have been maxed out or he/she becomes bankrupt.

Its an addiction where people genuinely believe that by gambling more, they can eventually solve their problems, so it may take longer for people to admit they have a problem.

We'll say often that it's the only addiction that offers hope, said Hoffman. It's false hope of course.

Additionally, around one in fiveaddicted to gambling attempt suicide.

The weight of whats been lost and the realization that gambling will never save them, along with the shame of unveiling the addiction to loved ones, becomes utterly soul crushing. In fact, problem gamblers have thehighest rate of attempted suicideamong all other types of addiction.

They can go further in their addiction because it's more hidden,says Dr. Aguiar.

Hoffman started changing step by step as he went through intensive therapy and sought help through his peers with Gamblers Anonymous.In 2007, Hoffman joined Williamsville Wellness as a peer counselor to help others out of addiction. Hes now been free from his addiction for over 20 years.

So many programs want to put all addictions on the same line, Hoffman says. You have to specifically address gambling addiction, otherwise people won't get help.

Educating communities on the propensity of developing a gambling addiction is necessary, as are prevention efforts, says Dr. Hawley.Making sure there areenoughprofessionals available to provide treatment and that people know what resources are available to them is also essential, as is limiting advertisements that targetvulnerablepeople and offer false hope.

Within families themselves, Dr. Aguiar says its important for people to pay attention to each others mental health and recognize the signs of depression so people can get help before it becomes something worse.Families and friends should pay attention when the person doesn't get their bills paid on time,when they open separate bank accounts, when they take out a lot of loans, or if they are spending a lot more time away.

If there's issues with a family member appearing more depressed or disengaged or just having a lot of problems functioning, talk about it and get them to treatment, says Dr. Aguiar.

There needs to be serious discussion about some of these social costs and how we are going to reduce that,"says Dr. Hawley.

If you think you may have agambling problem, call thehotline at1-888-532-3500 for confidential help, or find a Gambler's Anonymous meeting in your area.

More from Rolling the Dice: Morrissey drafts bill to bring casino to Petersburg; city's other legislator is unsure

More from Rolling the Dice: Petersburg councilor on the ongoing casino debate: 'All that glitters is not gold'

More from Rolling the Dice: Selling point or red herring: How does Ramada Inn affect Petersburg's casino chances?

Joyce Chu is the Social Justice Watchdog Reporter for TheProgress Index. Contact her at Jchu1@gannett.com or on Twitter @joyce_speaks.

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What happens when a casino is built? Gambling addiction rises, study shows - Progress Index

Online sports betting is a relatively new market. U.S. states began legalizing the activity only a few years ago.

And with a projected compound annual growth rate (CAGR) of 11.4% by 2028, online gambling stocks offer investors a huge growth opportunity.

It should come as no surprise that the COVID-19 pandemic positively impacted the online sports betting market. After all, what else were you supposed to do when you ran out of sourdough recipes to make?

The Roundhill Sports Betting & iGaming ETF (BETZ) , which tracks the performance of online gambling stocks, has risen nearly 47% since it launched in the early innings of the COVID-19 pandemic.

Take a look:

Figure 1: BETZ performance since June 2020.

Google Finance

However, since July 2021, gambling stocks have taken a hit. BETZ is down 2% year-to-date and dropped 21% in late October.

This means investors interested in these sin stocks might want to get in now, on the dip.

But which sports gambling stocks are the best? Weve identified two that we believe could be your best bets right now.

(Read more from Wall Street Memes: Fiscal Q3 Earnings Live Blog: Will GameStop Stock Rebound?)

Genius Sports (GENI) is a $1.9 billion market cap company that collects and processes data from sports events and sells it to gambling companies like Skillz and DraftKings. Genius is an official data partner of the NFL and has also inked deals with NASCAR, MLB, NBA, and other sports organizations.

Like several other tech stocks, Genius went public this year through a special purpose acquisition company (SPAC), dMY Technology Group. Its initial share price was $21.60.

Since then, GENI has lost 58%. Currently, the stock is priced at an all-time low just north of $8 per share.

However, the stock is backed by Cathie Woods Ark Invest, which has seen plenty of growth opportunities in online sports betting since it first became legalized in the U.S

Figure 2: Cathie Wood's ARK Invest currently owns nearly 3% of GENI's float.

CNBC

Ark regards Genius Sports as part of the backbone of regulated sports betting. The fund initially bought 280,000 shares for its Ark Next Generation Internet ETF (ARKW) - Get ARK Next Generation Internet ETF Reportin August 2021 and has kept buying more as the stock has dipped. Today, the fund owns 5.6 million shares.

Wall Street analysts are very bullish on GENI stock, especially at its current all-time low. Based on six analysts, the stock has a strong Buy rating and a $20 price target. That would imply a whopping 140% upside potential.

DraftKings (DKNG) - Get Draftkings, Inc. (DKNG) Reportis an online sports betting and iGaming company currently valued at $13 billion. DraftKingss CEO, Jason Robins, recently tweeted about his companys valuation story:

DraftKings is one of the biggest players in the online sports betting market. As new states have made online betting legal, its business has expanded.

Its top-rated app which offers innovative features and functionalities has been increasingly popular with gamers.

However, by investing heavily in growth initiatives, DraftKings naturally loses some of its profitability. The company has failed to beat earnings-per-share (EPS) estimates since it went public in April 2020.

And for the past quarter, it missed both EPS and revenues estimates. This sent DKNG plummeting 26% to a 52-week low. Currently, the stock is down 50% from its all-time high in late March.

However, Wall Street analysts are bullish on DKNG as a moderate Buy. Based on 19 analysts, its price target is $61, which implies a whopping 95% upside potential.

(Read more from the Wall Street Memes: After its Recent Drop, Whats Next for AMC Stock?)

(Disclaimers: this is not investment advice. The author may be long one or more stocks mentioned in this report. Also, the article may contain affiliate links. These partnerships do not influence editorial content. Thanks for supporting Wall Street Memes)

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2 Gambling Stocks That Could Be Your Best Bet Right Now - TheStreet

Focus Youth Gambling Prevention is a prevention program of the Illinois Association for Behavioral Health. I want to raise awareness of an issue rapidly growing in Illinois youth gambling. On average, youth are exposed to gambling at age 10, which is earlier than alcohol, tobacco, and other drugs. The earlier youth are exposed, the more likely they are to have a gambling problem later in life. Adolescent prevalence rates of problem gambling are 2-4 times that of adults. Youth who gamble are more likely to have mental health challenges, more likely to partake in drinking, smoking, and drugs, and more likely to be involved in criminal behaviors.

Here at Focus, we are trying to prevent youth from participating in gambling activities. Focus Youth Gambling Prevention is a statewide youth prevention program that provides students with many programming opportunities to build skills in advocacy, leadership, public speaking, and youth gambling prevention education. Our mission is to prevent underage gambling and create positive change in communities through student advocacy, youth leadership development, and gambling prevention campaigns.

But why would schools and communities want to implement Focus? This program is for youth leaders who want a seat at the table, to share their own perspectives, and to use their voices. Youth groups can be at the forefront of this rising issue and participate in prevention efforts to create healthier and safer communities statewide.

We are reaching out in the hopes of this being highlighted because of the need to raise awareness and to involve youth groups to participate in Focus in their communities. Focus Youth Gambling Prevention is a program of the Illinois Association for Behavioral Health and is funded in whole by the Illinois Department of Human Services, Division of Substance Use Prevention and Recovery through a grant from the Substance Abuse and Mental Health Services Administration.

Focus Youth Gambling Prevention

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Voice of the People: Shining a light on the youth gambling problem - Kankakee Daily Journal

Gambling with cryptocurrency is a new trend that doesnt seem that is going to stop. This is happening because of blockchain, a technology that is emerging as a game changer in many markets.

Thanks to blockchain technology, the internet is taking bitcoin and crypto casinos to a whole new level, and the reasons for that are many.

Apart from the anonymity allowed to the gamblers, the crypto casinos can be played by anyone, anywhere and anytime. However, technology is constantly developing, and with it, the online casinos. With this evolution, we can only assume that crypto will have a massive impact on how online gambling will change in the future.

But what is actually blockchain, what benefits did it bring to the current gambling world, and how will it change in the future?

To put it bluntly, blockchain is a decentralised and digital record of all the transactions that take place online, using digital assets. To paint a clear picture of what blockchain is its a database that stores encrypted blocks of data chained together to create a single chronological ledger of transactions. Each transaction is stored as a block and is added to the existing term, hence the name. Also, every new transaction is time-stamped and verified by each individual using blockchain. Every sequence of blocks is different, and that is why blockchain is often associated with a fingerprint each one is different. The purpose of blockchain is to let people who particularly dont trust each other (such as in the gambling industry) share valuable data in a secure way that will not harm them.

The most important reason users worldwide started gambling with Bitcoin is that their real cash was always safe and secure. Investing in online casinos was always challenging as people always feared getting hacked or being victims of fraud. This is what cryptocurrencies changed thanks to blockchain technology, and now users dont need real cash to use the perks of online casinos. They can use digital currencies from their digital wallet and invest them anywhere they want to.

There are several benefits of gambling with Bitcoin, yet no one would exist without the perks that blockchain technology brought to this industry.

Perhaps the most significant advantage of such casinos is that all the transactions are transparent and secure. Blockchain technology is encrypted from beginning to end as the databases record the transactions and store that information safely. This means that transactions cannot be edited, changed, or manipulated.

To conduct cryptocurrency transactions, users dont have to provide any piece of information. In traditional casinos, on the other hand, players will be asked to provide their personal and bank information, but the situation with online casinos is entirely different. Blockchain technology prevents illegal digital assets trading, which eventually reduces the risk of hacking.

One of the biggest issues for online gamblers worldwide is data privacy as websites ask for their personal and financial data. Moreover, many players want to keep their data hidden. This is where cryptocurrency can come in very handy the players data is safe and hidden from any other external sources.

No registration is required for online casinos and if a player is using Bitcoin or any other cryptocurrency, their experience might remain private and anonymous.

In traditional casinos, it can take up to several days or even weeks to see the money you earned during playing. The cryptocurrency transfer process is very fast, and can sometimes even be completed in a matter of minutes. This is because gamblers dont need a third-party financial institution or bank when they deposit their cryptocurrency into the gambling platform. The verification process is verified by blockchain in a matter of seconds.

The gambling industry has always been perceived as dangerous. The distrust rate is very high, especially if players are gambling with cash. Many gamblers who dont trust traditional casinos and betting services believe that the system is rigged and that it has been instructed to eliminate the winning possibility.

On the contrary, blockchain networks maintain records of all gaming transactions and payouts, which eliminates the risk of fraud and provides legitimacy. The record and the transactional history of the player can be displayed transparently.

According to several sources, it is believed that cryptocurrency may become the primary source of funding for online casinos in the future. This is because of the many advantages that these payment methods offer, which can be very handy and helpful in the gambling industry.

It is also believed that more casinos will be accepting Bitcoin and other cryptocurrencies in the future, as more and more punters choose to use it as their payment method. Yes, one of the reasons this will become an even bigger trend in the future is the benefits on both sides of the spectrum.

Players benefit because of the anonymity and security while gambling with cryptocurrency; casinos because its a cost-effective solution that works for them as well. Financial institutions and banks are not present in the process. Apart from that, cryptocurrency casinos welcome all players of the world, regardless of their location and their countrys gambling regulations.

To sum up, blockchain technology and cryptocurrency gambling will definitely evolve as technology evolves. It is even speculated that online gambling will be the preferred payment method in the future as gamblers are more comfortable gambling with digital currencies.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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The future of blockchain and crypto in the online gambling industry - Coin Rivet

Major League Baseball has locked out its workers. Perhaps they should give them a cut of these gigantic gambling profits.Photo: Getty Images

Major League Baseball is now locking out its players, and given that its the offseason, there shouldnt be much way to notice other than the sudden lack of hot stove activity. The league, though, has gone out of its way to remind everyone online, taking all player-related content off of MLB.com, right down to headshots on roster and stat pages.

It doesnt have to be this way, as MLBs website for all of its flaws can be considered a news and information site and players names, images, and likenesses considered fair use. But its definitely a move thats dictated by lawyers who dont want even a hint of a challenge on that, and we know this because the NHL did the exact same thing during its lockout nine years ago.

Most of the talk around name, image, and likeness lately has been in the college sports world, but its still an important issue for pro sports, including one thats emerging, and that MLB would love to use going forward: gambling. In fact, baseball already has been.

During this years playoffs, we saw the encroachment of gambling content into game broadcasts, with Joe Buck awkwardly telling us that if you logged on to Foxs betting site, you could get 3-1 odds on Joc Pederson hitting a home run or whatever. This is insidious in its own right, as prop bets like that offer far worse odds for a gambler than straight wagers on the game outcome, resulting in higher profits for Fox or whatever betting partner is getting the business. At the center of it is a labor question that needs to be answered: if players are being used to promote gambling, shouldnt the players get a taste of the revenue being brought in by the leagues partnerships with bookies?

G/O Media may get a commission

If that only seems tangential, and like it can be covered under the auspices of other sponsorship deals, consider that betting isnt just coming to the physical ballpark, too, its already there at Nationals Park. As more and more states give the go-ahead to sports gambling, the money involved will only grow, and the players whose performance is vital to making the betting enterprise happen should reap benefits from it.

This is part of why the MLBPA should embrace a salary cap (and floor), the best way to ensure that players are locked into getting a set percentage of league revenue, rather than the current system where teams can raise their bottom lines while keeping wages flat. Under the just-expired agreement, the de-facto salary cap known as the Competitive Balance Tax threshold was set at a fixed number years in advance. That should be anathema to the MLBPA as the league opens new revenue streams as often as it can, with gambling front and center.

One solution that might be poetic would be to use gambling revenue to help fund ballplayers pensions, already a contentious area in negotiations because about the only thing management likes less than paying money to players is paying money to people not actively working for them. Why poetic? Consider that years ago, commissioner Bowie Kuhn banned Hall of Famers Willie Mays and Mickey Mantle simply for taking celebrity ambassador jobs with casinos that didnt even involve gambling.

The leagues attitude toward the gaming industry has clearly changed, and baseball now is more than happy to take every last bit of money that it can get out of sportsbooks. Just like the leagues website, it doesnt work the same without being able to include the players, who should be getting a fair share of the money that theyre helping to bring in. Seems like something everyone should be able to agree on, but considering that management decided to go ahead with a lockout the instant the previous CBA expired, rather than trying any sort of good-faith negotiations leading up to that, dont bet on it.

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Odds are, MLB has to get a handle on gambling revenue - Deadspin

Three men one of them famous gathered at the Jay-Z-owned 40/40 Club in midtown Manhattan on Tuesday afternoon to put a sometimes harrowing face on the grim pathways that compulsive gamblers encounter during their struggle.

Prison time? Check. Family life? In tatters. Finances? Ruined.

Dropping out of college. Losing jobs. Taking money out of clients accounts to subsidize gambling losses. Being imprisoned during a childs prom night.

One of the men even said, just two months ago, I placed a shotgun in front of my face the result of having found a way to stop gambling, but without having directly addressed his mental health issues. And that wasnt the only tale of those darkest of thoughts from a panel aptly titled Lived Experiences.

While responsible gambling forums sometimes can tilt toward the abstract, Tuesdays discussion put an indelibly human face on a societal issue that could become more prevalent with the massive expansion of legal sports betting in the U.S. since a landmark May 2018 U.S. Supreme Court ruling opened the door for Las Vegas-style bets on games in any state whose lawmakers desire it.

The panel opened Tuesdays half-day Player Protection Symposium, hosted by Epic Risk Management, that launched the two-day SBC Summit North America conference at New Jerseys Meadowlands Exposition Center.

For WFAN sports talk radio host Craig Carton and a pair of kindred spirits, there also were tales of partial redemption for those who have wound up in such dire circumstances.

Carton hosts a compulsive gambling issues show on Saturday mornings. Brian Hatch created ALL IN: The Addicted Gamblers Podcastpodcast. And Jeffrey Wasserman, who said he drew great inspiration in his recovery from the podcast, now co-hosts of that program while also serving as judicial outreach and development director for the Delaware Council on Gambling Problems.

Gamblers Anonymous and therapy work better for some than others, the men noted, adding that younger compulsive gamblers likely will be more inclined to find appeal in a podcast or in a Zoom call. They also were united in the gratification they get from their collective efforts to encourage bettors to get help at an earlier stage in the process.

The idea of saving lives and families theres no better feeling than that, said one panelist.

Carton, who served more than a year in prison for defrauding millions of dollars from investors in a ticket-selling Ponzi scheme that he has said was the result of his gambling losses, told the audience of sports betting industry executives that coordination by sportsbook operators was a key to mitigating some of the harm of compulsive gambling.

The only way for a line of defense to work is if you guys, at some point, get together, Carton said. Because when I was shopping from one casino to the next, one sportsbook to the next, if they all agreed that I showed signs of being a compulsive gambler and all agreed to shut me down, I wouldnt have gotten to the next step. Compulsive gamblers, we like to shop around.

You have to have a united front in protecting people from themselves, added Carton, who suggested that his own New York radio station is deriving the bulk of its advertising revenue from gambling companies. Thats the day we can start solving the problem and otherwise, were never going to solve it. Ive got to believe that 1% of your gross income is worth addressing this problem. Theres too much money going in for it not to be. The flip side is youll suffer if you dont, because people will start getting pissed that their kids, their relatives, their loved ones have a problem and no one did anything to try to stop it.

Another point of agreement was the need for a creative marketing campaign to get across a message that gambling, while a harmless diversion to most, can have serious consequences for a few million people who become obsessed with it.

A familiar theme at gaming conferences in the past year has been efforts to clarify what responsible gambling is, given that the answer can vary widely.

For me, responsible gambling is no gambling, a panelist said, but I understand that its different for people who will never get anywhere near the addiction that I reached.

Another panelist objected to the widespread use of the term gaming, when the topic is gambling. And yet another suggested that the public should be educated about the poor odds offered on multi-leg parlays in an industry where single-game parlays are dominating advertising in and around the 26 states that have launched legal sports betting.

Free bets inducements of up to $1,000 or more to sign up for a sports betting app arent quite as free as claimed, it was also noted, given that consumers cant simply win that first bet and then immediately withdraw the money without having to risk it in later bets. A nationwide collaboration to have one single consumer hotline for those seeking help with their problem gambling continues to be a goal in the industry as well.

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SBC: Three Men And A Gambling Problem - US Bets

Megan Searfoss has been hoarding sneakers in Connecticut.

Ms. Searfoss, the owner of two running stores in Darien and Ridgefield, Conn., would normally have about 3,000 pairs of shoes in stock ahead of the holiday season. But as she watched supply chain concerns in Vietnam mount this summer and into the fall, she secured a new storage facility and is now carrying around 4,100 pairs.

Its a costly gamble for Ms. Searfoss, who said she was extended about $165,000 more than she would typically be in November because of worries about potential shortages.

Its placing a big bet and anticipating that what all the analysts are saying is correct, Ms. Searfoss said. Usually, we get through the New York City Marathon and then we stop buying shoes we sell off what we have and go into January super, super lean. But were being told not to do that because theres just not going to be any shoes.

The buildup of running shoes in Connecticut is just one example of how supply chain woes and pandemic-related shortages are affecting thousands of small businesses around the United States this holiday season. While the widespread availability of vaccines is translating into a busier shopping season than last year, businesses of all sizes are grappling with the impact from factory shutdowns overseas, backups at ports, and trucking and other labor shortages.

The unpredictability this year has forced many small businesses to make buying decisions months or weeks earlier than they normally would and to tie up more of their cash in inventory, which can be risky.

The big thing is you really have to order in advance, said Dan Quinn, an owner of What We Make, a furniture business in Algonquin, Ill., which sells tables and other wares through Etsy. Ive got 14 weeks of projects. I need to get most of that material in house as fast as possible and keep buying it until you have a stockpile basically.

While many small businesses are affected by manufacturing issues overseas, some have used this moment to their advantage. Etsy, which powers online stores for millions of sellers, said more than half of its U.S. vendors sourced materials from within their own states, allowing them to bypass many of the supply chain problems that are affecting the global economy.

Etsy stores dont have the complex supply chains that are vulnerable to single points of failure, Josh Silverman, Etsys chief executive, said in an interview.

Still, the range of shortages can manifest themselves in unusual ways.

Isabel Amigon, owner of the online store Sololi, is still waiting on an order of Christmas tree ornaments she placed in April. The manufacturer alerted her that the order would be delayed because of a shortage in strings to tie on top of the decorated orbs.

Ms. Amigon, who is based in Westchester County, N.Y., said she was worried that if she didnt get it in time for the holiday season, she would have to wait until next year to make use of the inventory. The string shortage has also led her to remove specific home goods items from her website, such as table runners and washcloths.

Even if I get them by the end of November, I wont be able to sell all of them because most people have already bought their ornaments, Ms. Amigon said. I placed the orders early, and I still have to face this situation.

Other missing items are more traditional than string.

Earlier this year, Angela and Sean Arnold were planning to order another set of Disney princess dolls to fill some shelves in their toy store, Playmatters Toys, in Pepper Pike, Ohio. But they got a notification in September from the distributor alerting them and other toy store owners that the items were indefinitely out of stock because a Covid-19 outbreak had shut down the factory in Vietnam where the dolls were manufactured.

Even though they anticipated shipping delays and ordered some toys in mid-May instead of August, they could not get ahead of the global disruption.

Dec. 2, 2021, 7:49 p.m. ET

And its not only dolls. The couple has been missing out on other toys and electronics because of shipping delays or disruptions in manufacturing plants in Vietnam. The couple has also been forced to raise prices on some products because of higher transportation and wholesale costs from toy vendors.

Some things we ordered in June and July are still coming in, Mr. Arnold said.

Because of these kind of delays, Etsy has viewed this moment as one in which small businesses can provide gift options that are not reliant on overseas factories and shipping. Extra consumer interest in small businesses, whether online or offline, would more likely be welcome after the pandemic dealt a crippling blow to so many last year.

Etsy said it had seen searches for living room furniture soar by 1,572 percent and less drastic but significant jumps for dining tables, checkers or chess boards, suggesting that some shoppers are coming to the site rather than going to chain stores.

Etsy learned how to better handle large surges in demand after face masks exploded as a category on the site during the onset of the pandemic, and it has made improvements designed to mitigate shipping issues it experienced then. Mr. Silverman said that now, virtually all items from sellers in the United States had an expected delivery date, which was not the case a year ago, and shoppers can filter products by geography to shop from vendors in their area, which can help accelerate shipping.

The company also said it checked in with sellers to ensure they had enough raw materials and supplies when its technology observed jumps in demand for specific items.

Mr. Quinn, the owner of the furniture seller What We Make, has seen his business boom as Americans grapple with long wait times and lack of availability for furniture from chains. Customers have been willing to wait 10 weeks for a dining table from him, particularly after 20-week waits at chains like West Elm.

The big-box stores dont have a lot of things they normally have, so the positive for us is that people are sort of forced to look at other options whereas before theyd settle for the simplest option, he said.

Still, he has seen his business disrupted in other ways, including a sharp increase in material prices and a scramble for reclaimed wood, which typically comes from old barns.

The people who take down the barns for the material we use, a lot of them ended up getting laid off or going on unemployment, Mr. Quinn said. So we have had to try to stockpile material and order well in advance of what we used to do.

While Mr. Quinn has been thriving in spite of competition from major furniture sellers, the countrys biggest retailers are often better equipped to handle supply chain issues than small businesses. Companies like Walmart and Amazon are massive enough that they can charter airplanes to obtain certain goods.

Jeannine Cook doesnt have that luxury. Ms. Cook, the owner of Harrietts Bookshop in Philadelphia, noticed during the summer that publishers were having trouble delivering her book orders, with some unable to even provide a timeline for when orders would arrive. The problem became more widespread in late August.

Ms. Cook, who opened a second location in Collingswood, N.J., in July, said more customers were canceling their orders from the bookshop.

It makes me nervous because I dont want folks to feel like they cant get what they need or want, Ms. Cook said. Its hard because were already up against the big-box companies that have so much more infrastructure than we do.

A recent study by Adobe showed that out-of-stock messages in October more than quadrupled compared with October 2019. Thats one reason that the retail industry, including small businesses, has urged the public to shop early this year to secure gifts for the holiday season.

I hate that we have now gone right from Halloween to Christmas, said Ms. Searfoss, the proprietor of the running stores, who said she began holiday marketing on Nov. 1 for the first time. I dont want people to feel frantic, but I do think its pretty serious that theyre not going to get what they want this year.

She anticipated that shipping delays and out-of-stock issues at bigger chains might drive business to her stores. People, those days before Christmas, will be buying whatever they can from whatever local store they can, she said.

Its just a little bit stressful for me, thinking, OK, look at all that Ive bought, Ms. Searfoss said. If I buy it, will they come?

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Supply Chain Problems Have Small Retailers Gambling on Hoarding - The New York Times

MARK PAZNIOKAS :: CTMIRROR.ORG

Paul Mounds, the governor's chief of staff, points to a touch screen the governor was using to bet on the favored Bucs over the Patriots. A win would pay out $6.55 on a $20 bet.

Twenty-seven states including Connecticut have legalized sports betting online or will shortly. This affords many people who have not engaged in gambling on sports the opportunity to enjoy this form of entertainment.

In 2020 the revenue in the United States was 1.55 billion dollars. Approximately 73% of Americans have gambled in the past 12 months. Between 20% and 30% of Americans gamble regularly. Gambling does not cause problems for most people. Some quit if they lose money, while others set limits on how much they will lose, then stop. However, it is likely that as many as 10 million Americans are addicted to gambling.

People at risk of developing a gambling problem include people who abuse alcohol and other drugs; have friends who gamble; and use certain medications, such as dopamine agonists. Approximately 75% of college students gambled legally or illegally last year; 67% of them bet on sports; and approximately 6% of them have a gambling disorder. Approximately 60-80% of high school students reported having gambled in the past year and 4-6% of them are addicted to gambling.

Teenagers and college-aged young adults are more impulsive than adults. Therefore, they are at higher risk for developing gambling disorders. Teens and college students betting on sports are even more vulnerable regarding online sports gambling because of the ease of placing bets on online.

The rush of adrenaline associated with gambling stimulates the mind. The strength of this desire for more stimulation can lead some people to continue to gamble regardless of the negative consequences. This compulsive gambling disorder is characterized by increasing the amount of money bet to recoup losses; losing time at work resulting in termination; being preoccupied with gambling; destroying personal relationships; lower grades for students; and stealing in order to gamble.

Lane County Public Health Prevention Program in Eugene, Oregon identifies the following warning signs for college students: (a) being preoccupied with gambling; (b) being secretive and defensive about gambling; (c) trying and failing to control gambling; (d) increasing amounts bet; (e) being restless or irritable when not gambling; (f) chasing losses; (g) lying about how much they bet; (h) borrowing money; (i) missing classes and work; and (j) relying on others to bail them out.

Prevention is needed at all levels of education to inform people, especially adolescents and college students of the pros and cons associated with gambling.

Most colleges and universities have programs that address substance abuse issues. However, only 22% have gambling policies. Gambling can become addictive. This is do to the adrenaline rush mentioned above. Gamblers need an adrenaline fix to satisfy the graving to bet that can develop from withdrawing from betting. Schools that do include gambling in their programs need to double efforts now due legalized sports betting. Additional help for university administrations regarding college students gambling disorders is available from the International Center for Responsible Gambling.

Students in high schools and middle schools tempted to bet can lead some to use parents credit cards to gamble online. Educators need to educate parents regarding this issue. Prevention activities at all levels of education need to begin now or if already in place increased to meet the challenges of legalized sports betting.

C. Kevin Synnott, PhD, is a Lecturer in the Department of Business Administration Management and Marketing at Eastern Connecticut State University.

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Will gambling problems among Connecticut students be a new part of education? - The Connecticut Mirror